UAE-based bank National Bank of Ras al-Khaimah (RAK Bank) is planning to issue its debut bond. The bank said in a stock market filing on 9 June that it was setting up a Euro Medium Term Notes (EMTN) programme.

It said bonds under the programme would be issued through a special purpose vehicle (SPV) incorporated in the Cayman Islands and listed on the Irish Stock Exchange.

The news follows an announcement earlier in June that the bank has won approval from shareholders to raise its foreign ownership limit by 20 per cent.

The bank’s foreign ownership will now be 40 per cent. The increase aims to improve available liquidity for foreign investors.